Tuesday, November 13, 2007

Mortgage Woes to Sink Property Values

WASHINGTON (AP) -- An expected surge in home foreclosures will cause U.S. property values to sink by $223 billion, with the most severe impact in minority communities, a new report says.

From:
Article on Yahoo Finance

This will just start to give J6P some perception there is a problem. However, this "survey" is such fluff it totally misses the problem. But hey, its getting the news out.

We're one downgrade away from Countrywide going under. E-trade is in trouble and need I describe the debacle of the "super-fund" SIV bailout? Prices will go gown a bit in 2008 and a lot in 2009.

I am beginning to wonder if the slow sales rate (seasonal and mortgage driven) is artificially hiding price declines. Oh well. Its not like I didn't know to wait until 2010 anyway.

And California is hurting. "As California goes, so goes the nation." Its just going to be a matter of degree. Even some of the normally "anti-Aerospace/defense" publications are starting to wake up to the job bleed.

I wish I had more information today on aerospace job transfers. I'm unusually in the dark.

Got popcorn?
Neil

4 comments:

Anonymous said...

And, It's gonna get worse.
I already know that families I know are scaling back X-mas shopping. Mine is almost done at little more than $500.00 spent.
This is a tiny amount by modern standards.

wannabuy said...

Mine is almost done at little more than $500.00 spent.

Wise and frugal. We're above that already. ;) But as long as I budget for it, why not splurge through the holidays?

But most won't budget. Hence my next post (coming soon)...

Got popcorn?
Neil

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